Over the past few years, volatile used car prices and new car shortages left many driving their current cars longer than desired. The arrival of new cars on dealership lots has led to more affordable used car prices. However, since not every used car model enjoys the same downward price trend, we’ll look at three popular models that are becoming more affordable. 

Some used car models get more affordable.

A study published by iSeeCars in January 2023 found that “used car prices dropped for the first time in November and fell further in December.” A summary of the study shows us that the average used car price dropped by 2% in November 2022 and another 3% in December compared to 2021 prices for the same months. In December 2022, prices were down an average of $1,043 instead of the standard rising prices over the last two years. 

Most hybrid and electric vehicles like the Chevrolet Bolt, Nissan Leaf, and Prius Prime continue to hold inflated values up to 20% year-over-year. Prices for other models continue to fall for the first time since June 2020. 

Tesla Model 3

The $55,000 2023 Tesla Model 3 is an EV with all-wheel drive, a 358-mile EPA estimated range, and zero to 60 mph acceleration in 3.1 seconds. In December 2022, the average used Tesla Model 3 price was $43,817, down from September’s $52,639 average, a 16.8% reduction.

The Model 3 also made the iSeeCars list for its $5,744 price reduction (11.6%) over 12 months from December 2021 to December 2022.

Toyota RAV4

For 2023, the Toyota RAV4 lineup consists of six models with starting prices ranging from $27,975 to $37,595. A used Toyota RAV4 had an average price of $28,383 in December 2022 compared to September’s $31,149 average.

For comparison, the RAV4 Hybrid’s average price increased over the 12 months from December 2021 to 2022 by 11.6% to $37,702. 

Toyota Camry

The 2023 Toyota Camry lineup also features several models with new prices falling between the Camry LE’s $26,220 and the XSE V6 Camry’s $36,645. The always thrifty Toyota Camry saw a 7% drop in its average used car price from $27.433 in September 2022 to $25,521 in December.

The Camry Hybrid saw an even more significant percentage increase than the RAV4 Hybrid, with used model prices rising 12.1% over 12 months to $31,443.

Will used car prices continue to fall?

As the supply chain recovers from the struggles of 2020 and 2021 and new cars become more readily available, used car prices will continue to adjust downward overall. However, prices for some performance cars and hybrids will likely remain inflated due to short supplies and increased demand.

In general, hatchbacks, coupes, and wagons continued to see an upsurge in used prices over the last year, while prices for other body styles fell over the same period.

Finally, prices for hybrids generally increased by 9.5% from December 2021 to December 2022, while all different types, including EVs, saw at least a 3% reduction in used car prices.